The year 2024 witnessed the global economy stabilize following the tumultuous aftermath of the COVID-19 pandemic. Even so, growth rates across many nations lagged significantly behind pre-2020 levels, leading to considerable challenges for governments and voters alike. More than 2 billion people were eligible to vote this year, and economic concerns, primarily rising living costs, dominated discussions worldwide.
With the return of Donald Trump to the presidency, America is poised for another wave of protectionist policies. Trump’s agenda suggests even more aggressive tactics than before, with pledges to impose tariffs upward of 60 percent on Chinese imports and blanket tariffs of 20 percent on other foreign goods. Notably, even friendly nations such as Canada and Mexico are not spared, with Trump recently threatening them with 25 percent tariffs. Economists warn these sweeping changes could burden U.S. consumers with elevated prices, fundamentally altering global supply chains.
Following his election victory, Trump also issued stern warnings to the BRICS countries—Brazil, Russia, India, China, South Africa and others—threatening to impose draconian tariffs if these nations proceed with plans for a currency to rival the U.S. dollar. This has sent ripples through international economic discussions.
A significant aspect of 2024 was the worldwide scrutiny and regulatory efforts aimed at Big Tech. The European Union took proactive steps with the implementation of the Digital Services Act and the Digital Markets Act, establishing new operational rules for online platforms and enhancing user data rights. The EU's groundbreaking AI Act, effective from August, imposes restrictions based on perceived risks, exempting only military and national security purposes.
Svea Windwehr, assistant director of EU Policy at the Electronic Frontier Foundation, commented on the challenges of global tech regulation, stating, “We are far away from globally shared commitments to protect fundamental rights online, and a global approach to regulating AI seems distant at this point.”
Meanwhile, Brazil has made headlines by taking Musk to task over misinformation on his platform X, leading to significant penalties for what the Supreme Court deemed unacceptable content. Musk complied and faced fines totaling $2 million, showcasing the pushback against tech giants and their corporate influence.
On the social media front, Trump’s presidency has created new dynamics for platforms like TikTok. While facing threats of prohibition, the new administration lends the app some respite, contrary to preceding legislative actions threatening to force its sale. Trump's election has elevated the prominence of alternate conservative platforms, amplifying their voices. Following his victory, user counts skyrocketed on platforms like Blue Sky, which gained over 1 million new users as disillusioned liberal audiences abandoned X.
Voter sentiment worldwide reflected dissatisfaction with incumbents, largely driven by economic grievances rooted in the pandemic's sustained fallout and inflation spikes. Election results from over 60 countries saw government officials punished at the polls, with nations like the UK, South Africa, and India voting out ruling parties, signaling widespread discontent. Trump's win was similarly attributed to economic discontent under President Joe Biden.
Yet, Ireland stood out as voters opted for incumbent parties Fine Gael and Fianna Fail, granting them opportunities to form coalitions. This somewhat contradicts the anti-establishment trend observed elsewhere, illustrating the unique interplay of local politics.
Within the U.S., Trump’s government will likely amplify the influence of billionaire supporters, placing figures like Elon Musk at the forefront of governance. Musk heads the newly established “Department of Government Efficiency,” aiming to streamline operations across federal agencies. Accompanying him are several other wealthy individuals, such as hedge fund executives and financiers, set to shape policy direction under Trump’s leadership.
Outside the U.S., similar narratives arise—such as the indictment of Indian billionaire Gautam Adani, closely affiliated with Prime Minister Narendra Modi, highlighting how Oligarch influence remains potent across global borders.
Significantly, Bitcoin's resurgence is noteworthy with its price skyrocketing after Trump’s election victory, climbing from approximately $68,000 on election day to surpassing the $100,000 mark. Trump’s prior criticism of digital currencies seems to have shifted toward support, as he now aims to position the U.S. as the “crypto capital of the planet.”
Across the ocean, China found itself grappling with economic maneuvering. Observers noted insufficient measures intended to stimulate economic growth amid struggles with weak consumption and declining population. Beijing has cautiously undertaken monetary policy adjustments, aiming at economic rejuvenation but falling short of more extensive spending often expected from such a massive economy.
These intersecting narratives—Trump’s protectionist approach, intensified Big Tech scrutiny, the global electorate's responsiveness to economic hardships, and the varied economic realities faced by key players like China and India—compose the complex patchwork of 2024's global economic outlook.
